Indian refiner Nayara Energy, one of the country’s biggest buyers of Iranian oil, began cutting imports this month after the United States scrapped a nuclear deal with Tehran and said it would re-impose tough sanctions, three people familiar with knowledge of the matter said.
Previously named Essar Oil, Nayara was bought by Russian state oil-giant Rosneft and partners in a $12.9 billion deal last year. It typically buys around 5.5-6 million barrels a month from Iran, according to data made available to Reuters from industry and shipping sources.
The cuts by Nayara provide the latest indication that Asian buyers will cut orders from Iran after U.S. President Donald Trump last month pulled out from the 2015 accord between Iran and world powers that lifted sanctions on Tehran in exchange for curbs to its nuclear program.
“Nayara will be lifting about 40-50 percent less than the average volumes, limiting its intake of Iranian oil to about 3-4 million barrels in a month,” said one of the people. All three sources declined to be identified as they were not authorized to talk to media. Read More
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